Marketing Strategies For Business Growth – An effective marketing strategy emphasizes the growth of a business, and often its existence. The right strategy increases your chances of success in the business world, from meeting the needs of your target audience and building brand loyalty to setting the right prices for your products and services.
A marketing strategy is a long-term plan of action aimed at promoting a company’s products and services, achieving competitive advantage, and achieving business goals.
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Don’t confuse a marketing strategy with a marketing plan. The main goal of a marketing plan is to attract new customers and turn them into loyal customers. Your marketing plan should be strictly based on your company’s value proposition, which will help you sell your products or services to consumers in a more compelling way.
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Although marketing strategies and marketing plans play a critical role in the success of your business, there are several important differences between the two.
The main difference between the two concepts is that a marketing strategy is a long-term idea, while a marketing plan usually deals with short-term issues.
Marketing strategies usually cover a company’s mission statement, including what it stands for and what it hopes to achieve in the future. However, marketing plans usually cover the various logistics of marketing campaigns, such as certain types of data and market research.
Your company’s overall strategy helps you create your marketing plan, so it’s important to make your strategy as comprehensive as possible.
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Now that you understand the basics of marketing strategy, you need to start planning your company’s marketing goals.
Think Google. The brand has always been very transparent, taking care of the company’s core mission: “to organize the world’s data and make it accessible and useful for everyone.” They do this through a powerful search engine, and this global idea supports all innovations and additions to the company’s products and services.
This aspect can be linked to your company’s mission. For example, Volvo Cars has always been known as a car brand that cares about the environment and safety. As such, their overall business (note their recent move to direct-to-consumer car sharing) is based on the principle of building a circular economy.
If you properly define your company’s mission and activities, you can better define your target market and understand why people should choose your product over others. They may want to buy Apple products because they want to be seen as “opposite” or they may choose Cos clothing because they are environmentally conscious.
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Today, there is no shortage of customers when they decide to make a purchase, so companies must strive to stand out from the crowd. It is important to define your niche.
Once you have identified all of the above areas of your business, you will understand what makes your business unique. Now your goal is to convey that uniqueness to your customers so that they think of your company first.
Once you’ve determined what your marketing strategy means, it’s time to start formulating a strong strategy for your business.
Starting the process of creating a strategy can be intimidating for many business owners. To make the process easier to understand, we have divided a standard marketing strategy into three different parts.
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In each, we provide examples of marketing strategies that will help you create an effective strategy at the same time. We use .Trends to collect data for these examples.
When formulating your company’s marketing strategy, think about how your company will create a competitive advantage to succeed.
Perform a simple 4P analysis of competing products to gain an in-depth understanding of your competition. The 4Ps framework is usually used for internal marketing strategy, but it allows you to identify the most important characteristics of competitors: product, price, place and promotion.
The Top Page Traffic Analysis report allows you to gather useful information about your competitors’ best products and services. Check out Adidas.com’s Top Pages report.
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By conducting such an analysis, you will receive a lot of useful information about your market. It can help you set marketing goals, determine which marketing efforts to use, determine your pricing structure, and more.
Then, with a quick SWOT analysis, see how you stack up against the competition. A SWOT analysis is a simple process for understanding your company’s strengths, weaknesses, opportunities, and threats.
If you want to assess your product’s competitive position in the market, a SWOT framework should do it, as you analyze internal factors (strengths and weaknesses) and external factors (opportunities and threats).
Competitive landscape analysis is the process of studying your market to identify your competitors and determine their position relative to other players, including you.
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Competitive landscapes change over time and can look different depending on which metrics you analyze. Therefore, analyzing the competitive landscape is usually an ongoing process.
In our competitive landscape analysis article, you can learn about several competitive landscape analysis tools. To get a quick overview of the market, you can start by summarizing the market in the Market Explorer overview report. Here’s a look at Adidas’ market.
From the market summary, we can gather basic information about the state of the market landscape. Example:
In the growth quarter, you can find competitors and place them in one of four categories based on traffic growth. This will help you see which players are moving the market and which can be game changers. Then you can dive deeper into the strategies of your competitors and put yourself in the lead.
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A successful marketing plan will allow you to expand your business in many directions and increase your income. To directly support this growth, you need to determine how you want to grow your business over the long term. This is where growth strategies come into play.
Growth strategies, also known as product market strategies, focus on increasing your market share and attracting more customers to invest in your products or services.
The Ansoff matrix is a common example that many companies use when planning and developing marketing strategies for growth.
The matrix itself is in the form of a grid where you place each market strategy and start evaluating:
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Because market development and diversification are more risky and often enter a new market, it is important to do a lot of research before investing. The Market Geo Distribution widget and Market Explorer can help you get started.
By selecting the “Biggest Changes” tab, you’ll see the markets with the biggest traffic growth. For example, Adidas’ markets in Kuwait, Turkey, and Mexico may be good areas for further research when considering expansion.
This audience-centric model helps you prioritize offers and deliver marketing messages relevant to your target audience.
Think about shoe brands. Each company has its own selling point, but they all offer different propositions for different audiences. Adidas, in collaboration with artists such as Bad Bunny or Kanye West, seeks to attract a younger audience.
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New Balance, on the other hand, appeals to an older crowd by focusing on comfort over style. Thus, based on the STP marketing model, one product can be positioned and received completely differently.
The Market Explorer Demographic Report is a good place to gather data to supplement your STP marketing model. Here’s a look at adidas.com’s Market Demographics Report.
The report shows not only the age and gender distribution of the market audience, but also which social networks they prefer. This additional social media information can help you later when it’s time to refine your marketing plan.
Consider using the BCG matrix to further accelerate your company’s growth. The BCG matrix helps you determine when to invest in products and when to cut them, allowing you to optimize your products to retain existing customers and attract new ones.
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When creating a BCG matrix, you divide your product or business portfolio into four categories:
When your portfolio is properly aligned, you can make informed decisions about where to place your investments and marketing efforts to maximize your success.
This post on creating a marketing strategy will reveal all the details of the BCG matrix and show you where to find all the information you need.
Planning the company’s growth is not enough. The most successful companies also define the way they grow, which is determined by relationship strategies.
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When you decide to grow your business, you have two main options: acquisition growth and organic growth.
Means that another company buys one company. Remember when Facebook bought MSQRD. The app, which has advanced visual technology for video, was supposed to help fuel Snapchat, another Facebook acquisition. This is what Growth Method Acquisition looks like in action.
On the other hand, it does not involve shopping. Instead, this type of growth refers to sales growth that occurs through the company itself
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